There was plenty of news coming from Auryx Gold‘s (AYX-T, AYX-N) Otjikoto gold project in Namibia but none of it was able to reverse what has been a steady decline in market cap over the past three months.
Auryx announced that it has been cleared by the local government to acquire 14.7 sq. km of land around Otjikoto. The land package gives the company the entire 10-km-long geophysical anomaly that is associated with the known deposit.
Auryx’s president Tim Searcy said the approval gives it “unhindered access to distant targets along strike from Otjikoto that have only received limited testing in the past.
Auryx also released results from the ongoing drill program which was highlighted by 3.6 metres grading 1.4 grams gold per tonne, 20.7 metres of 0.61 gram gold and 2.7 metres of 2.94 grams gold.
The results all came from holes in the southwest corner of the deposit and demonstrate the consistency of mineralization given that all but one of the 16 holes returned mineralization.
In addition, Auryx announced results from a calcrete sampling program.
Last summer Auryx submitted 570 samples of calcrete from 114 reverse circulation holes for assaying. The holes had been drilled by previous operators.
The company says that 8% of the samples were mineralized to some extent. None of the calcrete samples were included in previous resource estimates.
In Toronto on Feb. 1 – the day the news was released – Auryx shares were off 3¢ to 69¢ on 455,000 shares traded. The company’s shares closed at a high of $1.35 late last October, but have been on a steady decline since then.
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